Larry Madden, the Chief Financial Officer of Viant Technology Inc. (NASDAQ:DSP), recently executed a sale of company stock. According to a filing with the Securities and Exchange Commission, Madden sold 1,498 shares of Viant Technology's Class A Common Stock on October 28 at a weighted average price of $11.5747 per share. The shares were sold in multiple transactions, with prices ranging from $11.46 to $11.63 each, amounting to a total transaction value of $17,338.
Following this sale, Madden retains direct ownership of 528,350 shares in the company. The transactions were conducted under a Rule 10b5-1 trading plan established on May 9, 2024.
In other recent news, Viant Technology Inc. has reported a robust second quarter for 2024, seeing a 15% increase in revenue year-over-year and a 23% growth in contribution excluding traffic acquisition costs. These earnings results are due to key developments such as the rebranding of its AI Suite to ViantAI and strong growth in Connected TV (CTV) and streaming audio. Canaccord Genuity has adjusted its outlook on Viant Technology, increasing the price target to $13 from the previous $11, maintaining a Hold rating on the company's shares after a demonstration of Viant's new ViantAI solution. The firm's analysis followed a series of investor meetings and discussions about Viant's continued momentum in CTV and streaming audio channels. Over 50% of platform spend was on CTV and streaming audio, with CTV spend growing over 40% year over year. Viant's Household ID technology and direct access program in CTV are significant differentiators in the market. Looking forward, Viant anticipates continued growth in Q3 of 2024, with investments planned in engineering, product, and sales. The company expects low double-digit growth in overhead expenses in 2025. These are recent developments in the company's operations.
InvestingPro Insights
While Larry Madden's recent stock sale might raise eyebrows, it's essential to consider Viant Technology's broader financial picture. According to InvestingPro data, the company's market capitalization stands at $751.44 million, reflecting its current position in the market.
Viant Technology has shown impressive growth, with revenue increasing by 20.25% over the last twelve months to $243.25 million. This growth trend is further supported by an InvestingPro Tip indicating that net income is expected to grow this year. Additionally, analysts predict the company will be profitable this year, which could be a positive sign for investors despite the recent insider sale.
The stock's performance has been particularly strong, with a one-year price total return of 125% as of the latest data. This aligns with another InvestingPro Tip highlighting the company's high return over the last year. The stock is currently trading near its 52-week high, with the price at 96.12% of its peak.
It's worth noting that Viant Technology holds more cash than debt on its balance sheet, which could provide financial flexibility as the company pursues growth opportunities. However, investors should be aware that the company is trading at a high EBITDA valuation multiple and a high Price / Book ratio of 11.87, suggesting the stock may be priced at a premium.
For those interested in a deeper analysis, InvestingPro offers 8 additional tips that could provide further insights into Viant Technology's financial health and market position.
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